Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,590 |
| 1 Bedroom | $2,730 |
| 2 Bedrooms | $2,970 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,120 |
| 5 Bedrooms | $4,779 |
| 6 Bedrooms | $5,352 |
| 7 Bedrooms | $5,780 |
| 8 Bedrooms | $6,069 |
ZIP code 11243 falls within the broader New York, NY HUD Metro Fair Market Rent (FMR) area. The FMR for 11243 is set at $2730 for fiscal year 2024. This figure represents the maximum amount that a low-income household participating in the Section 8 Housing Choice Voucher program can pay towards their rent.
Comparatively, the typical FMR for ZIP codes within the New York, NY HUD Metro FMR Area tends to be higher, reflecting the overall expensive nature of the housing market in New York City. However, the absence of specific market rent and home value data for ZIP 11243 makes it challenging to draw definitive conclusions about its relative position within the metro area. Nonetheless, the lower FMR suggests that 11243 could potentially be a value pocket compared to other areas within the same metro, offering slightly more affordable options for Section 8 participants.
The lack of detailed market rent and home value information prevents a comprehensive analysis of how 11243 stacks up against its peers. However, given the FMR of $2730, it's reasonable to infer that the area is likely to have rental rates and home values that are at least somewhat below the average for the entire New York, NY HUD Metro FMR Area. This would make it a favorable location for landlords and small-portfolio investors looking to attract Section 8 tenants without facing the highest costs associated with premium sub-markets.
The unknown percentage of renter share further complicates a precise classification of 11243. In general, a high renter share coupled with below-average home values can indicate an area attractive to Section 8 participants. However, since we do not have specific figures for 11243, we cannot confirm if this is indeed the case here. Despite this limitation, the lower FMR suggests that 11243 might offer a niche opportunity for investors focused on affordability and government-assisted housing programs.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.